The COVID-19 disaster has caused most businesses to suffer financial losses resulting from business interruption/closure due to the presence of the virus or government mandate. Thousands of restaurants have been reduced to take-out only orders, meat and food suppliers have lost substantial customer base and forced distancing has reduced workforce and production capacity in many industries.
Thousands of business owners will be filing insurance claims for lost profits and increased expenses resulting from the COVID-19 disaster. Most insurance carriers have already stated that the business interruption policies will not cover any financial hardships due to COVID-19 and as a result many claims are likely to end up in litigation.
Our forensic, litigation and business valuation support group are experts in the complexities of filing claims for lost profits and provide a variety of services to aid clients and attorneys in this pursuit.
Our experts can determine the amount of lost profits and increased expenses due to business interruption by using sophisticated statistical models and forensic analysis. We also identify and quantify the impact of mitigating activities.
When business interruption causes lost profits and increased expenses, we can provide services such as:
· Detailed review of financial and operational records.
· Compare historical financial results to budgets and actual financial performance.
· Prepare projections of the amount of lost profits and expenses incurred during the restoration period.
· Perform industry analysis.
· Determine overall loss in value of the business itself due to decreased markets and supply chains.
· Provide expert reports and testimony.
Our litigation, forensic and valuation support group is 100% operational and committed to providing immediate expert assistance addressing the needs of clients, prospects and attorneys. Please contact Catherine T. Marchelletta CPA, MST Partner at 412-281-8771 or by email at [email protected].